Unaudited Net Asset Value as at 31 December 2025

abrdn European Logistics Income plc

13 April 2026

 

abrdn European Logistics Income plc
LEI: 213800I9IYIKKNRT3G50

Unaudited Net Asset Value as at 31 December 2025

13 April 2026 - abrdn European Logistics Income plc (the "Company" or "ASLI") announces its unaudited Net Asset Value ("NAV") for the quarter ended 31 December 2025. To enhance disclosure for shareholders, the NAV is presented both including and excluding estimated property disposal and SPV liquidation costs.

Summary

-	On a like-for-like basis, the valuation of the five remaining portfolio assets as at 31 December 2025, located in France and the Netherlands, decreased by €0.8m (0.5%) during the quarter to €155.1 million.
-	IFRS NAV per Ordinary Share decreased to 33.5 euro cents (GBp - 29.3p) (30 September 2025 estimated NAV: 49.3 euro cents (GBp - 43.1p)).
-	NAV per Ordinary Share including provision for estimated portfolio disposal and Company structure liquidation costs decreased to 32.6 euro cents (GBp - 28.4p) (30 September: 48.2 euro cents (GBp - 42.1p)).
-	During the quarter, the Company sold: -     Three multi-let warehouse estates located in Krakow, Lodz and Warsaw in Poland for an aggregate consideration of approximately €84 million. -     Two warehouses located in Bruges (Bordeaux) and La Crèche (Niort) in France for an aggregate consideration of approximately €15.6 million. Post quarter-end, the Company completed the sales of: -     An asset located in Dijon, France, for a consideration of approximately €7.9 million. -     The warehouse located in Waddinxveen, the Netherlands, for €35 million. -     The property located in Noves, near Avignon, France, for €47.5 million.
-	During the quarter, the Company repaid its €22 million loan with BayernLB, which had been due to mature in February 2026. Post quarter-end, net sales proceeds were used to repay in full the €34.3 million BerlinHyp debt secured against the Ede and Waddinxveen properties.
-	An interim distribution of 1.0 euro cent (equivalent to 0.88 pence) per Ordinary share, was declared and paid during the quarter.
-	During the quarter, the Company issued and redeemed further B shares of one penny each to Shareholders by way of a bonus issue on the basis of 10 B shares for every 1 Ordinary share held at the Record Date, distributing an aggregate amount of €47.3 million (£41.2 million).

Continued Sales Process

The Company has continued to make strong progress with the shareholder-approved managed wind-down, with 25 of the original 27 assets in the portfolio now sold, generating aggregate gross sales proceeds of more than €507 million before the repayment of associated debt.

During the quarter, in November 2025, the Company announced the sale of three multi-let warehouse estates located in Krakow, Lodz and Warsaw in Poland, for an aggregate consideration of approximately €84 million, representing an approximate 5% discount to the Q2 2025 valuation. The assets provide more than 91,000 square metres of leasable area and were constructed between 2018 and 2020.

In December 2025, the Company also completed the sale of two warehouses located in Bruges (Bordeaux) and La Crèche (Niort) in France, to their existing tenant, the logistics group Dachser France, for an aggregate consideration of approximately €15.6 million. The assets comprise cross-dock parcel facilities providing a combined lettable area of over 10,000 square metres and were constructed in 2005 and 2014, respectively. The sales were completed by 31 December 2025 and were in line with the values reflected in the Company's Q3 2025 estimated net asset value.

Post quarter-end, on 23 January 2026, the Company announced the sale of the cross-dock parcel hub located in Dijon, France, for approximately €7.9 million, in line with the value reflected in the Company's Q3 2025 estimated net asset value. The asset comprises 5,069 square metres of net lettable area and is leased to the logistics group Dachser France.

On 16 March 2026, the Company announced the sale of its Waddinxveen asset in the Netherlands for €35 million, 4.5% ahead of the Company's independent Q3 2025 valuation by Savills which was reflected in the Company's Q3 2025 estimated net asset value. The asset comprises a warehouse fully let to Combilo International B.V. with a remaining lease term of eight years, together with a standalone unit developed in 2022 and sublet to Thermo Transit. The buildings provide a total lettable area of 30,397 square metres, including recently refurbished office accommodation.

On 20 March 2026, the Company announced the sale of its warehouse located in Noves, near Avignon, France, for €47.5 million in line with the Company's independent Q3 2025 valuation by Savills. The freehold warehouse is leased to the organic food retailer Biocoop. Constructed in 2018, the asset comprises 28,559 square metres of lettable area across four cells, two of which are configured as cold storage.

A further asset is currently under offer, subject to detailed due diligence and the anticipated signing of sales agreements. Completion is currently expected in early Q2 2026.

One asset remains to be sold and the Investment Manager continues to pursue a disposal. While the sales process had been progressing, momentum has slowed in recent weeks amid heightened geopolitical uncertainty, including the situation involving Iran, and broader macroeconomic concerns, which may continue to affect buyer confidence and transaction timetables for larger asset purchases.

DL Invest requisitioned General Meeting

Post the quarter-end, on 12 January 2026, the Company announced that it had received a requisition request from DL Invest Group ISR SARL ("DL Invest"), the Company's largest shareholder, requiring the Directors to convene a general meeting of the Company.

Following the requisitioned general meeting, held on 20 February 2026, the Board announced that neither of DL Invest's proposed resolutions were passed. Excluding the votes cast by DL Invest in favour of its own resolutions, only a further 0.9% of the votes cast supported the proposals. The resolutions sought to amend the Company's current managed wind-down investment objective and policy and to replace the Manager.

The Board believes the outcome of the meeting demonstrates continued shareholder support for the managed wind-down as originally approved by shareholders on 23 July 2024.

The Board and its advisers also continue to engage with DL Invest regarding its interest in taking over the management of the Company. The Board will consider any fully developed and appropriately costed proposal only where it believes there is a clear benefit for Shareholders as a whole and where such proposal does not prejudice or delay the final stages of the managed wind-down or the return of capital to Shareholders.

Performance

For Q4 2025, on a like-for-like basis the portfolio valuation decreased by €0.8 million, representing a decline of 0.5% to €155.1 million. As at 30 September 2025, the portfolio was valued at €356.6 million, including properties sold during the quarter.

The Company's Netherlands assets were broadly stable in value over the period, with the net reduction attributable to the remaining French assets.

Debt Financing

At the quarter-end, the Company's fixed rate debt facilities totalled €58.2 million, representing a loan-to-value ratio of 27.6%. This followed the repayment during the quarter of the Company's €22 million loan provided by BayernLB, which was due to mature in February 2026.

In March 2026, following the Waddinxveen sale, the Company paid down in full the €34.3 million debt provided by BerlinHyp which was secured against the Ede and Waddinxveen properties. The facility had been due to mature in June 2026.

Following these repayments, the Company's remaining debt facility totals €23.9 million.

Breakdown of NAV Movement

Set out below is a breakdown of the change to the unaudited net asset value per Ordinary Share over the period from 1 October 2025 to 31 December 2025. To enhance shareholder information, the Company has prepared its quarterly unaudited net asset value both including and excluding the estimated costs of asset disposals and liquidation of the company structure, using best available information.

	Per Share (€cents)	Attributable Assets (€m)	Comment
Estimated IFRS Net asset value as at 30 September 2025 excluding estimate of liquidation and disposal costs	49.3	203.2
Unrealised and realised change in valuation of property portfolio	(0.6)	(2.4)	At quarter-end, portfolio of 5 assets located in France and the Netherlands, capital values of investments decreased by €0.8m during the quarter. Realised loss on sale of 3 Polish assets and 2 French assets during the quarter.
Income earned for the period	0.7	3.1	Income from the property portfolio and associated running costs.
Expenses for the period	(1.4)	(5.8)
Deferred tax liability & Capital gains tax on sold properties	(1.8)	(7.7)	Net deferred tax liability on the difference between book cost and fair value of the portfolio and other temporary tax differences and capital gains tax payable on sale of properties.
Dividend declared on 20 November 2025 and paid on 30 December 2025	(1.0)	(4.1)	Interim dividend for 2025 of 1 euro cent per Ordinary Share declared and paid during the quarter.
Fourth B share distribution declared on 2 December 2025 and paid on 30 December 2025	(11.5)	(47.3)	10 B shares of 1 penny issued for each Ordinary share held and immediately redeemed.
Other movements in reserves	(0.2)	(0.7)	FX translation.
IFRS Net assets value as at 31 December 2025 excluding estimated liquidation and disposal costs*	33.5	138.3
Estimate of costs associated with disposal of portfolio and liquidation of the company structure	(0.9)	(3.9)
Net asset value as at 31 December 2025 including estimate of liquidation & disposal costs*	32.6	134.4

IFRS Net Asset Value analysis as at 31 December 2025 (unaudited)

	€m	% of net assets
Fair value of Property Portfolio**	154.6	111.8%
Cash	47.8	34.6%
Other Assets	8.7	6.3%
Total Assets	211.1	152.7%
External Debt	(58.2)	-42.1%
Other Liabilities	(12.1)	-8.8%
Deferred tax liability	(2.5)	-1.8%
Total Net Assets	138.3	100.0%

 **After lease incentive adjustment

*Shareholder note: The NAVs do not reflect the potential latent capital gains tax liability now estimated at up to 1.2 pence per share as originally disclosed in the Company's RNS announcement dated 6 August 2025, the actual impact of which will depend on the structure and terms of future disposals.

The NAV per share as at 31 December 2025 is based on 412,174,356 shares of 1 pence each, being the total number of Ordinary shares in issue at that time. As at the date of this announcement, the Company's share capital consists of 412,174,356 Ordinary shares with voting rights.

The Board is not aware of any other significant events or transactions which have occurred between 31 December 2025 and the date of publication of this statement which would have a material impact on the financial position of the Company.

Details of the Company and its property portfolio may be found on the Company's website at: http://www.aberdeeninvestments.com/en-gb/asli

For further information please contact:

abrdn Fund Managers Limited        [phone]

Ben Heatley

Investec Bank plc                             [phone]

David Yovichic

Denis Flanagan

FTI Consulting                                 [phone]

Dido Laurimore

Richard Gotla

Oliver Parsons

 

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